CoinDesk, a leading cryptocurrency news outlet, has terminated its top three editors following a contentious dispute over a now-deleted article involving a prominent crypto figure.
The piece, published on November 29, featured Justin Sun, the founder of the Tron blockchain, who had made headlines for purchasing a $6.2 million banana. The article included an image of Sun eating the extravagant fruit, a tone that reportedly did not sit well with Sun’s team. CoinDesk employees disclosed that Sun’s representatives lodged complaints with both the publication’s editors and its owner, crypto exchange Bullish, demanding the story’s removal.
Despite internal resistance from CoinDesk’s staff, the article was taken down earlier this month, sparking backlash within the newsroom. Tron, a significant sponsor of CoinDesk’s flagship Consensus conference, is seen as crucial to the company’s revenue. A spokesperson for Sun’s organization declined to comment.
On Friday, CoinDesk dismissed editor-in-chief Kevin Reynolds, deputy editor-in-chief Nick Baker, and Marc Hochstein, who served as executive editor for Consensus and deputy editor-in-chief for features, opinion, ethics, and standards.
Tensions over editorial independence had reportedly been simmering for months. Employees expressed growing concern over financial pressures and the perceived need to maintain favorable relationships with major sponsors like Tron.
According to staff accounts, Bullish executives ordered the removal of the Sun article on December 2, citing its tone as overly critical of an important sponsor. During a subsequent meeting, Reynolds defended the decision by describing the piece as a negative opinion article about a key partner, justifying its deletion.
In response, the newsroom issued a letter to management earlier this month, defending the article’s substance and voicing concerns about CoinDesk’s editorial autonomy.
CoinDesk Chief Executive Sara Stratoberdha addressed staff on Friday, explaining that the decision to cut senior editorial roles was influenced by financial considerations rather than the controversial banana article.
The incident highlights the ongoing challenges faced by media organizations covering the cryptocurrency industry, where financial sponsorships and journalistic independence can often collide. For CoinDesk, the dismissal of its senior editors marks a turning point in the struggle to balance commercial viability with maintaining editorial integrity.
As the crypto sector grows increasingly influential, the case underscores the broader complexities of reporting on an industry deeply intertwined with its financial backers.